LimeFX charges above-average swaps, though this can also be partially explained by heightened volatility at the time of my review. It is also worth pointing out that the broker permits swap-free trading via its Islamic accounts. A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight.
Is LimeFX a regulated broker?
These products may not be suitable for everyone and you should ensure that you understand the risks involved. I like the trading fees in the LimeFX Absolute Zero account, where traders get commission-free spreads from 0.3 pips. VPS hosting exists for algorithmic traders and copy trading services are also available with a balanced asset selection and active trading community. LimeFX offers demo accounts that introduce traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. LimeFX distinguishes itself with its extensive range of supporting materials, catering to both beginners and seasoned traders.
Also, LimeFX reserves the right to apply a 3% ‘no trading’ fee when a trader has deposited and requested to withdraw funds without ever entering one trade. LimeFX operates through three entities, with two regulated by the FCA in the UK and the FSCA, and one entity remains unregulated. I found the broker to be generally transparent, with information about fees easily accessible on their website. Although LimeFX lacks a proprietary trading platform and its Bermuda-based entity operates without regulation, I rate LimeFX as a decent broker that caters to the needs of its clients.
I find the well-balanced asset selection suitable for most retail Forex and equity traders requiring fewer but highly liquid trading instruments, like day traders. I also like the LimeFX fractional share dealing, which is excellent for smaller portfolios. Currently, clients of LimeFX can only trade on MetaTrader 4, which is rather cumbersome and outclassed by newer trading platforms. Additionally, LimeFX’s customer support seems to struggle with addressing more complex questions, such as what their average execution speed is.
Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?
LimeFX is a multi-regulated broker, and account verification is mandatory. Most traders will pass verification after submitting a copy of their ID and one proof of residency document. LimeFX might ask for additional information on a limefx forex broker case-by-case basis. The FAQ section answers the most common question, and live chat is available with fast response times for basic questions. Low trading fees and quality education for beginners from an industry leader.
Account Types
For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative. The mobile app affords traders quick and easy access to the market on the go. It is indispensable when you must swiftly adjust your open positions.
LimeFX offers negative balance protection, meaning traders can never lose more than their deposits. The most ignored trading costs are swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade.
- LimeFX notes the availability of 80+ currency pairs, making it an ideal Forex broker.
- In my experience, the charts screen is probably the most important component of every platform.
- They allow traders to easily examine the current market behavior and enter into trades quickly.
- Eventually, I was advised to refer to a different support department to receive additional clarification.
- DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence.
In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight. Browse a list comprising of the most profitable traders and copy their trades and winning strategies in just a few clicks. Gain exclusive AutoTrade access upon request after your account is verified and start limefx scammers copying trades right away. LimeFX accepts traders resident in most countries except the USA, Iran, Cuba, Sudan, Syria, and North Korea.
Is LimeFX suitable for spread betting?
That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand. Trade some of the most liquid assets available and diversify your portfolio with competitive spreads starting as low as zero pips on chosen CFD pairs. Since the market is volatile, fixed spreads accounts allow trading with predetermined and steady spreads and with no sudden changes. As a high-frequency trader, I have always looked for precision and efficiency in a platform.